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Paz Oil, Israel's largest refined oil products distributor, has announced that it has extended its contract for two years with the Palestinian Authority. This contract extension is regarding the sales of petroleum products in the West Bank and Gaza Strip. Paz Oil will also provide maintenance and equipment under the agreement which will last till the end of year 2020.
According to the source, Ratio Oil Exploration, an Israel company, will sign a deal related to the search of oil and gas in the Philippines. This deal is a long- awaited one. Back in 2015, the company was awarded an Exploration deal, a 416,000-hectare East Palawan block of Palawan. This award got delayed because of several legal issues related to the previous exploration contract of that block.
The board of directors of Energean Oil and Gas PLC has approved the Final Investment Decision (FID) to go ahead with Karish and Tanin Development Project, offshore Israel worth $1.6 billion. The project will be developed through a newly built and owned FPSO gas treatment which would offer flexible infrastructure solution and potentially expand the scope for additional projects.